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Could the price of Bitcoin increase 10x over the next 6 months?

Bitcoin established a new ATH of more than $ 35,200 on January 6, shortly after breaking the previous record of $ 34,500. This is much more than the fund reached by Bitcoin in March 2020, which was around $ 3,800. Many in cryptoeconomics believe that this year the BTC will be able to touch a six-digit number.

In addition, market intelligence firm Glassnode has presented a projection that suggests that Bitcoin could reach much larger numbers. The company based its projections on the BTC MVRV-Z score, which indicates that Bitcoin has reached its highest level in about three years. Glassnode found that the last time the MVRV-Z metric suggested a similar trend was in 2017, when the digital asset appreciated tenfold in the next six months.

According to Glassnode, the MVRV Z-Score historically indicated a “red zone” at the top of the market, while the opposite indicated market funds in a “green zone”. However, the image below suggests that the indicator is far from the red zone, which is currently seen between 7 and 9.

Image source: Twitter

The company also revealed that Bitcoin MVRV Z-Score had a sharp rise to values ​​above 5 – a position last seen during the 2017-2018 BTC bull markets. In the 2017 bull run, Bitcoin grew 10x over 6 months, when the MVRV-Z metric was at 5 at the time.

This could probably mean that if the aforementioned 2017 trend returns, Bitcoin could rise 10 times its current value of $ 35,000 in six months.

In addition, Paolo Ardoino, CTO at Bitfinex, expects the bull market to continue. In a statement he noted that Bitcoin’s market capitalization has exceeded the $ 600 billion mark. If the trend continues, the CTO believes that the asset may exceed the market values ​​of Apple, Google and Facebook.

Today, data from Santiment found that Bitcoin whale addresses and chain transactions continue to increase and that unique BTC addresses have reached a new ATH of 2,323:

Could the price of Bitcoin increase 10x over the next 6 months? 22

Image source: Twitter

In addition, even “Bitcoin Miners to Exchange Flow” (1-day moving average) hit a 17-month low of 1.397 BTC, according to Glassnode. The company noted that a previous 17-month low of 1,442 BTC happened on November 10, 2020, when Bitcoin started its bullish run.

Could the price of Bitcoin increase 10x over the next 6 months? 23

Image source: Twitter

Source: AMBCrypto

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